Binance Once Planned to Evade US Scrutiny, New Texts and Documents Confirm
Amid the major fallout of several firms in the crypto space last year, the U.S. Securities and Exchange Commission (SEC) has increased its scrutiny in the crypto space. The latest report from Wall Street Journal on Sunday, March 5, shows that the world’s largest crypto exchange Binance once devised a plan to avoid any regulatory scrutiny in the United States. This was way back in 2019 when Binance started its operations in the country. The WSJ report states that any lawsuit from the U.S. regulators, who had signalled a crackdown on unregulated offshore crypto players, might have served as a “nuclear fallout” for Binance’s business and its officers. The WSJ report cites warnings initiated by Binance executives to their employees in a private chat back in 2019. (coingape)
Ripple CEO Warns of Harm to Crypto Industry if SEC Wins Lawsuit Over XRP
Ripple CEO Brad Garlinghouse warned about harmful consequences to the crypto industry if the U.S. Securities and Exchange Commission (SEC) wins its lawsuit against him and his company over the sale of XRP in an interview with Bloomberg on Thursday.
What Will Happen to Binance if SEC Manages to Kill BUSD: Experts’ Take
Adam Cochran believes the SEC suggesting Binance is an unregistered securities exchange on the grounds BUSD is unregistered security is “brutal 4D chess.” He further speculated that Binance has two options – to settle or be open to discovery by a US agency. The former scenario will set a “soft precedent” for the SEC to bully other crypto exchanges in the country.
Ripple General Counsel Outlines Ripple’s Plans if XRP Lawsuit Summary Judgment Favors SEC
Owing to this, the Ripple chief legal officer, who previously implied that the XRP lawsuit could involve the Supreme Court stated that any verdict in the case based on prejudgment is moot for Ripple now.
Ripple Says Recent Supreme Court Ruling Weighs in Its Favor in SEC Case
Ripple Labs Inc said in court papers Friday that a recent U.S. Supreme Court decision supports one of its key defenses in the U.S. Securities and Exchange Commission's case over the cryptocurrency XRP.
SEC Staff Believe Binance.US Is Operating an Unregistered Securities Exchange
Securities and Exchange Commission staff believe Binance.US is operating an unregistered securities exchange in the United States, a lawyer said during a Voyager Digital bankruptcy hearing on Friday evening.
Binance USD Loses 43% Of Market Cap Value Following Regulation Issues
Binance USD (BUSD) has suffered a significant loss of about 43% of its market cap value in the last 3 weeks following a regulatory crackdown by U.S. authorities. BUSD is a popular token issued by the Paxos Trust Company, and it serves as the native stablecoin of the Binance exchange.
U.S. Lawmakers Argue SEC Accounting Policy Undermines Safe Crypto Custody
U.S. Rep. Patrick McHenry (R-N.C.), chairman of the House Financial Services Committee, and Sen. Cynthia Lummis (R-Wyo.), who has authored crypto legislation, yesterday (2 March) sent a letter to several banking agencies asking how they’re dealing with a controversial Securities and Exchange Commission note asking financial institutions to keep customers’ crypto holdings on their own balance sheets.
Judge Questions SEC’s Objection to Voyager-Binance.US Deal
The United States judge overseeing Voyager Digital’s bankruptcy case has chastised the Securities and Exchange Commission (SEC) for its ambiguous reasoning for objecting to the crypto lending firm’s proposed sale to Binance.US. The details have been shared in a report published by Reuters.
